In 1982, the United States Congress enacted the Tax, Equity, and Fiscal Responsibility Act (TEFRA). OBMG operates under the provision of this Act. OBMG is normally taxable in the year earned and reported to the IRS just as bank interest and income are reported.
OBMG recommends members seek advice from a tax expert. OBMG is not a Legal Tender as defined by the U.S. Congress. Member accounts are not insured by the Federal Deposit Insurance Corporation (FDIC) or any other such governmental or quasi-governmental agency.